Russia, Saudi Arabia, Venezuela and Qatar will freeze oil production at January levels if other countries follow suit, Russian Energy Minister Alexander Novak said Tuesday. Earlier in the day, Novak had a meeting with Saudi Petroleum Minister Ali Naimi, Venezuelan Energy Minister Eulogio del Pino and Energy and Industry Minister of Qatar Mohammed bin Saleh Sada to discuss oil production and situation on the energy market in the Qatari capital Doha.

“Following the meeting, four countries — Russia, Saudi Arabia, Qatar and Venezuela — are ready to freeze oil production at January levels if other producers join this initiative,” Novak said in a statement published by the Energy Ministry. According to media reports, the ministers decided to freeze oil extractions to stabilize them at January 11 levels. READ MORE